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BofA Merrill Lynch Arranges $190MM Facility for Beazer

September 05, 2013, 07:08 AM
Filed Under: Real Estate

Beazer Pre-Owned Rental Homes, Inc. today announced that its REIT operating subsidiaries have entered into a new revolving credit facility of $190 million. The credit facility will be used for the acquisition and renovation of single-family homes and other general corporate purposes.

“The facility will be used to expand our portfolio of recently built homes in attractive markets,” said Patrick R. Whelan, President and Chief Executive Officer of Beazer Pre-Owned Rental Homes, Inc. “This financing evidences our ability to access and secure institutional debt capital, and also illustrates confidence by our syndicate in both our business model and single-family rental homes as an asset class. We look forward to working with our bank partners as we execute our strategies going forward,” Mr. Whelan stated.

The facility’s initial syndicate consists of BofA Merrill Lynch, which is serving as sole lead arranger, KeyBank National Association, which is serving as syndication agent and East West Bank.

Based in Phoenix, Arizona, Beazer Pre-Owned Rental Homes, Inc. is an internally managed REIT that acquires, refurbishes, leases and manages single-family homes on a large-scale in select U.S. markets. The company was founded in 2012 by Beazer Homes USA, Inc., one of the largest single-family homebuilders in the U.S., and includes an investor group led and arranged by affiliates of Kohlberg Kravis Roberts & Co.

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